Key Takeaways:
U.S. President-elect Donald Trump has named Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy to lead the newly formed Department of Government Efficiency (D.O.G.E). The initiative aims to streamline government operations and cut wasteful government spending.
Trump Appoints Elon Musk And Vivek Ramaswamy To Head D.O.G.E And Cut $2 Trillion In Government Spending
The announcement has sent shockwaves around the crypto market, as Dogecoin (DOGE) experienced a massive surge in trading volume. Analysts are predicting further growth in its value, with some suggesting a possible rate of $2.4 per token.
According to Trump’s statement posted on Truth Social, D.O.G.E will focus on cutting down unnecessary regulations, reducing wasteful expenditures, and restructuring federal agencies. Despite its name, the Department of Government Efficiency will not be a government agency, instead, it will be an external commission offering advice and guidance to the White House.
Trump described the initiative as “The Manhattan Project” of modern governance, emphasizing its ambitious nature.
D.O.G.E. will collaborate with the Office of Management and Budget (OMB) to “drive large-scale structural reform” and create an entrepreneurial approach to government that has never been seen before. Trump added that the duo of Elon Musk and biotech entrepreneur Ramaswamy will pave the way for his administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.
The former President said the department will have until July 4, 2026, to complete its work. During his re-election campaign, Trump said he would appoint Musk to head a government efficiency commission, aimed at cutting at least $2 trillion in government spending. However, Musk has acknowledged that the cuts could cause severe short-term financial impacts.
Trump expressed his confidence in the effort that would lead to the creation of a leaner and more accountable government, just in time for the 250th anniversary of the United States.
Post the announcement, Musk echoed the President-elect’s sentiment, suggesting that changes brought in by D.O.G.E. would send “shockwaves through the system”.
DOGE Price Surges By 10%, Also Surpassing XRP To Rank 6th Among Leading Cryptocurrencies
Meanwhile, the price of Dogecoin (DOGE) has rallied nearly 10% today. The popular Shiba Inu-themed meme coin’s trading volume is also skyrocketing, signaling growing investor confidence in the market, and especially towards the asset due to it being endorsed by Musk.
In the week since Trump’s commanding victory over Kamala Harris, DOGE price has surged from $0.15 to $0.43, marking its highest valuation in more than three years. Also remarkable is the fact that Dogecoin managed to outpace Bitcoin (BTC) in growth terms, leapfrogging Ripple (XRP) in the process of becoming the sixth-largest cryptocurrency with a market capitalization of $54.14 billion. DOGE’s surge also propelled a rally in the broader meme coins space.
The token’s performance appears to vindicate crypto investors’ prediction that a Trump win would be a major boost for Dogecoin, largely because its biggest supporter, Elon Musk, would become an integral part of the President-elect’s inner circle.
Crypto analysts are predicting that DOGE could reach $2.40, with some predicting an even higher valuation if the current momentum continues. The recent rally in Dogecoin price has caught the attention of investors amid an already positive momentum in the crypto market. Notably, the market cap of the global crypto market hit the $3 trillion mark today for the first time since 2021, indicating growing investor interest in digital assets.
Crypto Analysts Predict $2.4 Price For DOGE And The Possibility of An ETF
Prominent crypto analyst Ali Martinez shared a bullish outlook for DOGE in his recent X post, where he shared a price chart for the meme coin and claimed that it is likely to hit the $2.40 mark if the current trend continues. He also added that prices could climb even higher, with a speculative target of $18 if institutional interest in meme coins grows.
As per a report by Santiment, the appeal of top meme coins is growing among investors, with Dogecoin experiencing a significant influx of new retail investors. Over the past month, 74,885 wallets holding less than 100,000 DOGE ($36,150) were created.
Besides, there are also rumors circulating around a possible exchange-traded fund (ETF) backed by DOGE, which has also contributed to its upward trend. Bloomberg’s senior ETF analyst Eric Balchunas forecasts that Dogecoin could be the next crypto asset to receive the ETF treatment.
While there is no official confirmation about the crypto investment product, a spot Dogecoin ETF would give institutional investors easier access to the leading meme coin while boosting its overall acceptance.
At the time of writing, Dogecoin (DOGE) is trading at $0.3609 – down 9.87% in the last 24 hours.
Read More: Peter Schiff Slams Trump’s Strategic Bitcoin Reserve Plan As An Economic Disaster
